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Putin instructed Rosneft to send 50% of profits on dividends

President Vladimir Putin instructed the head of Rosneft Igor Sechin to return to the payment of dividends in the amount of 50 percent of the profits. Rosneft says it is about payments for 2017 and future dividend policy.

22.Jun.17 12:03 AM
By Daria Zaytseva


Putin instructed Rosneft to send 50% of profits on dividends
"You know what is happening on the world market, and in accordance with this, it is necessary to work out a new strategy for the company's development, and of course, I would ask you to return (at the general meeting of shareholders) to issues of a fiscal nature, namely, to pay 50 percent of dividends from a net profit, "Putin said at a meeting with Sechin.

The shareholders' meeting will be held on June 22 in Sochi. The company agreed, explaining that this refers to payments in the following year.

Half of the net profit paid by all state-owned companies was insisted by the Ministry of Finance and recorded in the budget for 2017 the proceeds on the basis of a 50 percent rate of dividends. However, the companies began to make exceptions.

The Board of Directors of Rosneft in late April recommended that the shareholders' meeting approve payment of dividends for 2016 at a rate of 5.98 rubles per share, which corresponds to 35 percent of the company's net profit according to international standards.

In 2016, the authorities set a standard of 50 percent, but some companies, in particular Rosneft, Gazprom and Transneft paid less, explaining that they need funds to implement investment programs.

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